![]() These tokens are currently traded on Binance and Binance DEX. ![]() On Binance scan explorer you can find the full list of Binance pegged tokens (BEP 20) and their contract address. These coins and tokens are wrapped and pegged by Binance on 1:1 ratio to the corresponding native cryptocurrency. The purpose of these tokens is to allow trading assets on DEXs and benefit from the speed and transactional efficiency of the new blockchain. Not only ERC 20 tokens, but even tokenized versions of Bitcoin, Ethereum, Litecoin, Tether (USDT) are available on Binance smart chain. Pegged tokens are a type of token that will have its value tied to the original crypto.įor example Chain Link (ERC-20) token will be pegged at 1:1 ratio with Chain Link (BEP-20) token. Users will now be able to transfer the same asset (ERC20 token) in shorter time and at surprisingly low cost (low gas price) on Binance smart chain (BEP20 token). BSC is just an ETH-compatible chain and is designed to give users more options such as fast block times, cheap transaction costs etc. It is never meant to compete with Ethereum or replace ETH. BEP20 Network – Binance smart chainīinance smart chain is a parallel Binance chain designed to enable smart contracts and it comes with an Ethereum Virtual Machine-compatible environment. Instead we’ll just explain the basics of these network types and give a quick introduction to pegged tokens. Here we’ll not get into the technical specifications of the token standard. So what is the difference between these two networks, why BEP 20 uses same address as ERC 20 and which one should I choose when transferring ETH or other coins? ![]() ERC 20 is a token on ETH chain and BEP 2, BEP 20 is a token on Binance chain and Binance smart chain respectively) Hope Binance changes this soon to avoid confusion. Once you input your wallet address or the recipients address for withdrawal the exchange will automatically select the network based on the address entered.īut what’s more confusing is that both BEP 20 and ERC 20 share the same address format. So now when you are depositing or withdrawing any of these coins you’ll be asked to choose the network type. For example, this is why it is possible to use BSC on Metamask, a browser extension wallet created primarily for interacting with the Ethereum blockchain.BEP 20 option is now available for major assets like BTC, ETH, USDT, LINK, DOT, DAI, EOS, LTC, XRP, XTZ, BCH, BAND, ADA, ONT etc. However, since the two blockchains are also very similar, you can easily swap BEP2 and BEP8 tokens for the new BEP20 tokens.īecause BSC is EVM compatible, it supports DApps and other tools on Ethereum that Binance Chain does not. While BEP2 and BEP8 tokens run on Binance Chain, BEP20 tokens run on Binance Smart Chain. The fact that it is programmable sets it apart.īinance has three token standards, namely BEP2, BEP8, and BEP20. Still, it has added functionalities such as smart contract support and compatibility with the Ethereum Virtual Machine (EVM). The blockchain was created to run alongside Binance Chain, which is now known as Binance Beacon Chain. It came after the first, Binance Chain, but has gained more popularity for a good reason. BSC is the second blockchain on the Binance network. Before discussing how to set up a Binance Chain wallet, we must first know what BSC is.
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